Yuri Milner invested in a deposit startup

Internet entrepreneur Yuri Milner has invested in a German financial startup SavingGlobal that helps users find deposit offers from various banks with high interest rates on deposits. The total amount of the investment round was $ 21.8 million, writes “Vedomosti”. In addition to Milner, Californian company Ribbit Capital and European-American Index Ventures invested in a startup.

According to The Wall Street Journal (WSJ) journalists, this is a great success for a German startup, since usually German projects receive money in the later stages of investing. At the same time, Germany is ahead of all other European countries in terms of venture financing.

A separate problem is that in Europe there is no common capital market, for this reason, the SavingGlobal business model can be interesting for venture capital as well. The startup itself offers customers from Germany to place money in the European Union, in accounts with a high percentage of the deposit. For example, deposits in Germany itself usually come at a rate of 0.2% per annum. At the same time, in Greece, this rate is already 1.9%.

There is one more problem here - most European banks are not very willing to accept deposits from foreigners. This problem is solved by SavingGlobal, since a startup acts as a broker.